EUR/JPY Price Analysis: Next target now emerges at 170.00

EUR/JPY advances to new 2023 tops near 161.00.
Immediately to the upside emerges the 2008 peak near 170.00.

Pablo Piovano FXStreet

EUR/JPY prints new yearly highs in levels just shy of 161.00 the figure at the beginning of the week.

Further upside appears well on the cards for the cross in the short-term horizon. Against that, the surpass of the 2023 high of 160.98 (November 6) should face the next significant resistance level not before the 2008 top of 169.96 (July 23)

So far, the longer term positive outlook for the cross appears favoured while above the 200-day SMA, today at 151.72.

EUR/JPY daily chart

EUR/JPY

Overview
Today last price	160.88
Today Daily Change	87
Today Daily Change %	0.36
Today daily open	160.31

Trends
Daily SMA20	158.58
Daily SMA50	158.1
Daily SMA100	157.45
Daily SMA200	151.67

Levels
Previous Daily High	160.4
Previous Daily Low	159.6
Previous Weekly High	160.85
Previous Weekly Low	157.7
Previous Monthly High	160.85
Previous Monthly Low	154.39
Daily Fibonacci 38.2%	160.09
Daily Fibonacci 61.8%	159.9
Daily Pivot Point S1	159.8
Daily Pivot Point S2	159.29
Daily Pivot Point S3	158.99
Daily Pivot Point R1	160.61
Daily Pivot Point R2	160.91
Daily Pivot Point R3	161.42

Author

Pablo Piovano

FXStreet

Born and bred in Argentina, Pablo has been carrying on with his passion for FX markets and trading since his first college years.

EUR/USD trims losses, flirts with the 1.1850 zone

EUR/USD is back on the back foot on Wednesday, slipping below the 1.1850 area as the US Dollar picks up some modest traction. The move comes as traders position ahead of a busy run of US data and the release of the FOMC Minutes. Adding to the pullback are reports that the ECB’s Lagarde may step down before completing her term.

GBP/USD flirts with daily highs near 1.3580

GBP/USD manages to set aside two consecutive daily declines and trades with slight gains in the 1.3580 zone on Wednesday. Cable’s uptick comes despite acceptable gains in the Greenback and easing UK inflation figures, which seem to have reinforced the case for a BoE rate cut in March.

Gold regains some shine, retargets $5,000 ahead of FOMC Minutes

Gold gathers fresh upside traction on Wednesday, leaving part of the weakness seen at the beginning of the week and refocusing its attention to the key $5,000 mark per troy ounce, all ahead of the release of the FOMC Minutes and despite the modest uptick in the US Dollar.

Pi Network rally defies market pressure ahead of its first anniversary

Pi Network is trading above $0.1900 at press time on Wednesday, extending the weekly gains by nearly 8% so far. The steady recovery is supported by a short-term pause in mainnet migration, which reduces pressure on the PI token supply for Centralized Exchanges. The technical outlook focuses on the $0.1919 resistance as bullish momentum increases.

Mixed UK inflation data no gamechanger for the Bank of England

Food inflation plunged in January, but service sector price pressure is proving stickier. We continue to expect Bank of England rate cuts in March and June. The latest UK inflation read is a mixed bag for the Bank of England, but we doubt it drastically changes the odds of a March rate cut.

Top 3 Price Prediction: Bitcoin, Ethereum, and Ripple face downside risk as bears regain control

Bitcoin, Ethereum, and Ripple remain under pressure on Wednesday, with the broader trend still sideways. BTC is edging below $68,000, nearing the lower consolidating boundary, while ETH and XRP also declined slightly, approaching their key supports.